Published on 3/18/2021 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.5 million contingent coupon barrier autocallables on Stoxx, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, March 18 – Royal Bank of Canada priced $1.5 million of autocallable contingent coupon barrier notes due March 9, 2026 linked to the least performing of the Euro Stoxx 50 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 5.45% if each index closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the coupon if each index closes above its initial level on any observation date after one year.
The payout at maturity will be par plus the final coupon unless either index finishes below its 60% trigger level, in which case investors will lose 1% for each 1% decline of the lesser-performing index from its initial level.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable contingent coupon barrier notes
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| Underlying indexes: | Euro Stoxx 50, Nasdaq-100
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| Amount: | $1.5 million
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| Maturity: | March 9, 2026
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| Coupon: | 5.45%, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus coupon unless either index finishes below trigger level, in which case 1% loss for each 1% decline of lesser-performing index from initial level
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| Call: | Automatically at par plus coupon on any observation date after one year if each index finishes above its initial level
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| Initial levels: | 3,704.85 for Euro Stoxx 50, 12,464.003 for Nasdaq-100
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| Coupon barrier levels: | 2,222.91 for Euro Stoxx 50, 7,478.402 for Nasdaq-100, 60% of initial levels
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| Trigger levels: | 2,222.91 for Euro Stoxx 50, 7,478.402 for Nasdaq-100, 60% of initial levels
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| Pricing date: | March 4
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| Settlement date: | March 9
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 3.25%
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| Cusip: | 78016ECK0
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